P.R. Laws tit. 21, § 6673
Any bonds issued under the provisions of this chapter may be secured, at the discretion of the associations, by a trust contract executed between the corresponding association and any bank or trust company described in the following paragraph, which may be a bank or trust company organized in or outside the Commonwealth of Puerto Rico. Any legal provision to the contrary, notwithstanding, said trust contract need not be executed through a notarized document for it to be deemed as a valid trust under the laws of the Commonwealth of Puerto Rico.
It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth of Puerto Rico, the United States of America or any state of the United States of America, to act as trustee of the proceeds of the bonds and the income or other moneys, and to grant those indemnity bonds or offer as security those assets required by the corresponding association. In addition to the above, the trust contract shall contain all those provisions which the association may deem to be reasonable and proper for the security of the bondholders.
History —Aug. 8, 1998, No. 207, § 4.003, eff. 60 days after Aug. 8, 1998.